An Overview – SSY Calculator
Sukanya Samriddhi Yojana Scheme is a small savings scheme launched by the Indian government. The scheme was created with the goal of improving the lives of women in India. Applicants of the plan can obtain greater returns of 7.6% and tax benefits of up to rupees one lakh fifty thousand lakh.
What is the Sukanya Samriddhi Yojana (SSY) Calculator and how does it work?
After entering all of the essential information, the SSY calculator calculates the value that will be sanctioned upon maturity. A minimum of one contribution per year for 14 years is required to complete the procedure efficiently.
- The individual is assumed to contribute the same amount each year.
- No donations are required from the 15th to the 21st year. In addition, interest is calculated based on past contributions made during the scheme’s lifetime.
- The SSY calculator takes into account the interest earned while entering the final sum.
Aspects to Consider
The following are some of the points covered under the SSY calculator’s operation, which define how to use the calculator and how it works:
- To make the calculation, you’ll need to know the girl’s age and the amount of money you put in.
- The scheme requires a minimum commitment of Rs.250.
- The maximum contribution is Rs.1,50,000.
- The scheme’s maturity period is 21 years.
Maturity Value Calculation
Here’s how to figure out the maturity value while keeping the monthly and annual contributions constant. The following are the assumptions used in the calculation:
- The interest rate will be 7.6% for the whole 21-year scheme period.
- On the first of each month, contributions are made.
- Every year on April 1st, yearly donations are made.
- The monthly and annual contribution amounts are fixed.
- During the scheme’s 21-year lifespan, no withdrawals are made.
Advantages of Using the SSY Calculator
The SSY calculator can be used by Sukanya Samriddhi Yojana Scheme applicants to determine the final amount at the end of the scheme’s tenure. The calculator aids in calculating how much money can be saved through the scheme.
- Allows applicants to assess the amount that will be credited following maturity.
- Allows candidates to see their maturity value on a monthly and yearly basis.
- Errors made during manual calculations are no longer an issue.
- A girl child’s age shall not surpass ten years.
- The girl must be an Indian citizen.
- Deposits into the SSY Account can be made in a variety of ways.
- The applicant must deposit a minimum of Rs.250/- in the Sukanya Samriddhi Account every year for the next 14 years, as stipulated.
Any of the following methods can be used to make a contribution:
- Cash Cheque
- Demand Draft
- E-Transfer at the bank or post office concerned.
While presenting the instrument of deposit, the depositor must sign and indicate the beneficiary’s name and account number. The date on which the sum is credited to the account will be the date of encashment if the mode of deposit is check or demand draught. If you deposit using E-Transfer, the date of deposit will be the same as the date of encashment.